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Bloomberg The European Commission is considering proposing a disciplinary procedure for Italy next week over its failure to rein in debt, which could pave the way for a 3.5 billion-euro ($4 billion) penalty, according to an official familiar with the matter. The step could come as part of the European Union’s regular budget monitoring process, most likely on June 5, ...

Bloomberg British Conservatives may have suffered their worst election results ever, but their members of parliament are still feeling loved. Barely a day goes by without an invitation to coffee from one senior minister or another, hoping to win their support in the coming race to succeed Theresa May. Perhaps they would like to come to the Foreign Office, to ...

ABU DHABI / WAM On June 30 and July 1, the United Nations (UN), and the UAE, represented by the Ministry of Climate Change and Environment, will host the “Abu Dhabi Climate Meeting”, to strengthen the initiatives, commitments, and achievements set to be launched at the UN Climate Action Summit in New York, as well as to discuss political barriers ...

Jeddah / WAM His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, Crown Prince of Dubai, met in Jeddah, with Prince Mohammed bin Salman bin Abdulaziz Al Saud, Saudi Crown Prince, Deputy Prime Minister and Minister of Defence. Sheikh Hamdan bin Mohammed and Prince Mohammed bin Salman exchanged Ramadan greetings and wished more progress and peace as well as ...

Riyadh / Emirates Business Enoc Group, a wholly-owned entity of the Government of Dubai, has announced ambitious expansion plans for its retail operations in the Kingdom of Saudi Arabia. The Group’s retail arm will increase its service station network by more than eight fold by 2030 to reach 124 stations to meet the growing fuel station demand in the GCC’s ...

Dubai / WAM Dubai Customs has launched ‘Smart Vessel Berthing System’, a new disruptive berthing service for the vessels using the Dubai Creek (Khor Dubai). The vessels will load and unload their goods with the help of an advanced AI based service, built in-house by Dubai Customs employees to facilitate traffic of vessels through the historic waterway. The launch ceremony ...

Bloomberg China is strong enough to withstand the effects of the trade war with the US, according to statements over the weekend from current and former officials, putting forward a confident view of an economy which has been showing signs of weakness in the past few months. A top financial regulatory official and a vice information technology minister said the ...

Bloomberg One of Tencent Holdings Ltd.’s most valuable investments is sinking as China expands its crackdown on online content. China Literature Ltd, in which Tencent holds a controlling stake, tumbled as much as 10 percent before closing down 7.3 percent at a new low in Hong Kong, as another of its online sites was targeted for alleged violations. The stock ...

Bloomberg Fiat Chrysler Automobiles NV proposed a merger with Renault SA to create the world’s third-biggest carmaker as manufacturers scramble for scale to tackle an expensive shift to electrification and autonomous driving. The transaction would be structured as a 50-50 ownership through a Dutch holding company, Fiat said on Monday. Renault shareholders, including the French government, would get an implied ...

Bloomberg AP Moller-Maersk A/S, the world’s largest container line, said it had a good start to the year but warned that “considerable uncertainties” stemming from global trade tensions will probably hurt its business. “New tariffs can potentially reduce expected growth in global container volumes by up to 1 percentage point,” the Copenhagen-based company said. Maersk, which also unveiled plans to ...